Ferrovial stands at a pivotal moment as it eyes deeper entry into North American markets, moving toward a potential listing on a U.S. exchange while continuing to trade on European platforms. People close to the company indicate a North American listing could materialize in the first quarter of 2024, pending final sign‑offs from the United States Securities and Exchange Commission, the watchdog for U.S. capital markets. This move would extend Ferrovial’s exposure beyond Europe and align with its strategy to attract North American capital and liquidity.
The shift globalized Ferrovial’s footprint when the company decided to relocate its headquarters to the Netherlands. The announcement came during its annual results presentation last March, and the General Assembly subsequently approved the move with overwhelming support in May. Listing on Euronext Amsterdam not only consolidates the new base but also paves a path for potential cross‑border listings in New York, including the possibility of a direct listing from Europe. Ferrovial is expected to begin trading on the Amsterdam bourse on June 16, while maintaining dual listings on the Spanish and Dutch markets, with its shares accessible via the Ibex‑35 index. This structure offers investors exposure to a blended European platform with an eye toward U.S. access. (Attribution: Ferrovial corporate communications, timeline updates)
Leadership is led by Ignacio Madridejos, with the Del Pino family identified as the largest shareholder. While broad inclusion in a wide American index remains a goal, Ferrovial emphasizes that improved liquidity is essential for its equity. Increasing daily volume is viewed as a key step toward meeting the eligibility criteria of major U.S. indices such as the Russell 2000 or the S&P Composite 1500, which many North American institutional investors use to guide their allocations. (Attribution: Company disclosures, 2023–2024)
The reason for listing in the United States is to give new shareholders the right of entry
Through this market evolution, Ferrovial seeks to ensure that North American investors have representation in its equity while the company maintains a strong North American focus. Data from the first half of 2023 show that a significant share of revenue came from the United States, driven mainly by highway operations. The strategic aim is to attract capital from North American institutions that are typically mandated to invest in companies listed in North America, including pension funds and university endowments. (Attribution: Ferrovial investor presentations, 2023)
The planned U.S. market entry also comes against the backdrop of relatively few comparable large-scale infrastructure operators in the United States. Ferrovial is active in high‑profile projects and is viewed as a potential bridge between European engineering expertise and North American infrastructure demand. The portfolio features notable undertakings such as ongoing improvements at John F. Kennedy International Airport in New York, helping explain the level of local investor appetite. (Attribution: Project catalogs, 2024)
Beyond JFK, Ferrovial highlights a slate of North American initiatives that illustrate the company’s growth trajectory. Significant investments include the I‑66 corridor project with an estimated expenditure near 3.7 billion dollars, the LBJ Expressway program with approximately 2.2 billion euros in capital outlay, and the North Tarrant Express Highway, representing around 1.75 billion dollars in planned investment. These ventures showcase Ferrovial’s capability to execute large, complex transportation developments across North America, reinforcing its appeal to both Canadian and U.S. investors seeking exposure to infrastructure assets with diversified geographic risk. (Attribution: Project briefs, 2024)